Hobbs Group Advisors LLC Makes New $31,000 Investment in Cleveland-Cliffs Inc. (NYSE:CLF)

Hobbs Group Advisors LLC bought a new position in Cleveland-Cliffs Inc. (NYSE:CLF) during the second quarter, HoldingsChannel.com reports. The fund bought 2,030 shares of the mining company’s stock, valued at approximately $31,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of CLF. Quest Partners LLC bought a new position in shares of Cleveland-Cliffs during the 4th quarter worth $71,000. DekaBank Deutsche Girozentrale grew its position in shares of Cleveland-Cliffs by 2.5% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 40,118 shares of the mining company’s stock worth $879,000 after buying an additional 984 shares in the last quarter. Russell Investments Group Ltd. grew its position in shares of Cleveland-Cliffs by 82.2% during the 1st quarter. Russell Investments Group Ltd. now owns 392,842 shares of the mining company’s stock worth $8,932,000 after buying an additional 177,198 shares in the last quarter. Natixis bought a new position in shares of Cleveland-Cliffs during the 1st quarter worth $100,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Cleveland-Cliffs by 0.3% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 216,359 shares of the mining company’s stock worth $4,249,000 after buying an additional 612 shares in the last quarter. Hedge funds and other institutional investors own 67.68% of the company’s stock.

Cleveland-Cliffs Price Performance

Shares of NYSE:CLF traded up $0.19 during trading on Wednesday, reaching $12.59. The stock had a trading volume of 2,970,123 shares, compared to its average volume of 8,903,348. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.60 and a current ratio of 1.87. The business has a fifty day moving average price of $14.68 and a 200-day moving average price of $17.74. The stock has a market cap of $5.99 billion, a PE ratio of 17.04, a PEG ratio of 1.94 and a beta of 2.03. Cleveland-Cliffs Inc. has a 1-year low of $12.39 and a 1-year high of $22.97.

Cleveland-Cliffs (NYSE:CLF) last issued its quarterly earnings results on Monday, July 22nd. The mining company reported $0.11 earnings per share (EPS) for the quarter. The firm had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5.18 billion. Cleveland-Cliffs had a return on equity of 4.94% and a net margin of 0.21%. The business’s revenue was down 14.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.69 earnings per share. On average, equities analysts forecast that Cleveland-Cliffs Inc. will post 0.17 earnings per share for the current fiscal year.

Analyst Ratings Changes

CLF has been the topic of a number of recent research reports. Bank of America dropped their price target on Cleveland-Cliffs from $20.00 to $18.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. JPMorgan Chase & Co. downgraded Cleveland-Cliffs from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $23.00 to $17.00 in a research report on Tuesday, June 11th. Jefferies Financial Group initiated coverage on Cleveland-Cliffs in a research report on Monday, May 20th. They set a “buy” rating and a $22.00 price objective on the stock. B. Riley reaffirmed a “buy” rating and set a $23.00 price objective on shares of Cleveland-Cliffs in a research report on Tuesday, June 25th. Finally, Morgan Stanley decreased their price target on Cleveland-Cliffs from $17.50 to $15.00 and set an “equal weight” rating for the company in a research note on Thursday, August 15th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $18.94.

Insider Buying and Selling at Cleveland-Cliffs

In other Cleveland-Cliffs news, Director Ben Oren bought 6,700 shares of Cleveland-Cliffs stock in a transaction on Wednesday, June 12th. The shares were bought at an average price of $14.99 per share, for a total transaction of $100,433.00. Following the completion of the transaction, the director now directly owns 14,167 shares of the company’s stock, valued at $212,363.33. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Ben Oren acquired 6,700 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The shares were purchased at an average price of $14.99 per share, for a total transaction of $100,433.00. Following the acquisition, the director now owns 14,167 shares of the company’s stock, valued at $212,363.33. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Celso L. Goncalves, Jr. acquired 7,250 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The stock was purchased at an average price of $14.98 per share, for a total transaction of $108,605.00. Following the acquisition, the chief financial officer now directly owns 314,362 shares in the company, valued at approximately $4,709,142.76. The disclosure for this purchase can be found here. Company insiders own 1.76% of the company’s stock.

About Cleveland-Cliffs

Cleveland-Cliffs is the largest flat-rolled steel company and the largest iron ore pellet producer in North America. The company is vertically integrated from mining through iron making, steelmaking, rolling, finishing and downstream with hot and cold stamping of steel parts and components. The company was formerly known as Cliffs Natural Resources Inc and changed its name to Cleveland-Cliffs Inc in August 2017.